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April 2021 Volume 59 #5LETTER FROM THE PRESIDENTS DESK As warmer weather approaches, we are excited to share updates around some of our traditional spring initiatives and events: BCA Scholarships:
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Treasures of Form White refers to the Treasury Department's reporting form used to disclose certain financial information to the IRS, particularly related to foreign financial accounts.
Individuals, corporations, partnerships, trusts, and estates that have foreign financial accounts exceeding specified thresholds are required to file Treasures of Form White.
To fill out Treasures of Form White, one must provide details of foreign financial accounts, including account numbers, financial institutions, and the maximum balance during the reporting period.
The purpose of Treasures of Form White is to prevent tax evasion by ensuring transparency in foreign financial accounts and reporting foreign financial interests.
The information that must be reported includes the names of financial institutions, account numbers, maximum values of accounts during the year, and the identification of the account holders.
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